Qatar’s largest underwriting company, Qatar Insurance Company (QIC), is getting ready to establish a new life and medical insurance subsidiary by the end of the year.
The Group President and CEO of Qatar Insurance Company (QIC) talked to reporters about the new company which appears to be in the planning phase, indicating that it will most likely be based in the Qatar Financial Center (QFC) and will service the wider regional area of the Middle East.
The news about the creation of a company focused on life and medical insurance comes on the heels of the QIC setting up Q-Re, a reinsurance company that was previously part of Qatar Insurance Company International. Q-Re was set up earlier this year to focus on reinsurance in the Middle East, Africa and Asian geographical regions.
So far, the financing and organization of QIC’s new life and health insurance company is still being deliberated, with company officials still discussing internally whether or not to find strategic international partners for the life and medical insurance units; the capital base of the proposed company has also not been disclosed.
Khalifa Abdullah Al Subaey, the CEO and Group Presidnet of Qatar Insurance Company (QIC) said that “We have not reached that stage yet, we are still undertaking the studies and everything else. We hope that before the end of this year, it will be announced officially. We have the two options. We are discussing with a few international partners, but we have not taken any decision yet.”
Al Subaey indicated that while the company has been open to looking at the potential of strategic partnerships, the QIC group is well within it’s capabilities should they choose to eschew a partnership arrangement, saying “We are the largest medical insurance company not only in Qatar, but in the region. We are insuring around 70,000 people in Qatar at the moment and in the UAE, we are most probably the largest when it comes to medical insurance.”
Insurance Company Mentioned:
Qatar Insurance Company (QIC)
The Qatar Insurance Company was established on the 11th of March, 1964, by Emiri Decree. The currency of Qatar during this time was the Indian Rupee, and the Qatar Insurance Company was founded with a paid up capital of INR 1,500,000. Since its inception, the government of Qatar has held a 12% stake in the company which they still maintain today.